About Fairfax County, VA

The Metropolitan Washington Council of Government, a regional organization of D.C.-area local governments, has just released a comprehensive plan for growth and development over the next 40 years for the area. COG is seeking public comment on the document, titled Region Forward, through November 20, 2009.

The 64-page document identifies "10 Big Moves," or goals for the region, which include:

1. Pursue transit oriented development
2. Leverage emerging sustainable technologies
3. Emphasize green economic development
4. Develop greater Washington as a knowledge hub
5. Strengthen regionalism
6. Use financial innovations
7. Ensure availability of moderate and low-cost housing
8. Focus on quality of life
9. Improve public eduction
10. Promote health

I first entered real estate in 1988 (See bumper sticker from that era which read: "If you bought in '88, I CAN'T HELP YOU!") I was with Merrill Lynch at the time in the Fair Oaks office and I promise you they turned a pumpkin into a real brain. I remember going to several mortgage corporations for intense training as though I were becoming not a REALTOR but a loan officer. I knew just about everything the 10% of my working brain could hold. The Scarecrow and Dorothy were so proud of me! Subsequent to the 1980's blip in real estate, I was only too thrilled to hand the mortgage planning over to trusted loan officers with whom I work as the programs became more complex and personalized for each client's needs. Scroll down to the other day. I was in a continuing education course about the (GASP, NOT AGAIN) new regulations coming out in 2010 regarding good faith estimates and HUD-1 disclosures. The attorney who was teaching the course also had a trusted partner sitting in the classroom and the air was thick with genius - except me apparently. As he discussed how the closing statement will be uniform throughout the US better clarifying itemizations, I heard the term Yield Spread Premium. I was sucked up into the Kansas tornado vortex, knocked unconscious with my little dog - you know, the one the sellers say they don't have even though you can smell him despite the heavy masking of the heated potpourri oil. Let's say a mortgage broker has a fee of 1% of the loan amount which you pay to buy the loan, plus $500 processing fee on a $100,000 loan. In this case, the 1% is $1,000. If appraisal, lender's title insurance, and other costs to close the loan are $3,000, the total costs would be $4,300. The borrower can choose a rate of 4.875% with no yield spread premium (lender pays this). The borrower comes to closing with the $1,500 plus $3,000 or $4500.

The borrower can pay a slightly higher rate, 5.25% with 1% yield spread premium, paid by the lender to the mortgage broker (or bank). The borrower's fees will be $500 plus the costs of $3,000 or $3,500. The lender will pay the mortgage broker the remaining $1,000.

At an even higher rate of 5.65% with a 2% yield spread premium, paid by the lender, the mortgage broker keeps $1,500 and credits the remaining $3,000 from the yield spread premium to the borrower for all the fees.

Won't the mortgage payment be higher? OF COURSE. Why would a borrower pay a higher monthly payment when he qualifies for a lower rate? He can keep his cash in the bank and hopefully make more money in his investment portfolio.

Here's something the new HUD-1, GFE will clarify and force direct lenders to disclose - their profits. Today your bank doesn't have to disclose that profit to the borrower, whereas a mortgage broker will give you those three comparisons in writing. Are you on the Yellow Brick Road with me?

My PenderbrookHome.com

Relevant Real Estate Information for the Penderbrook Community of Townhomes and Condos in Fairfax, VA

INTRODUCTION

We are your neighborhood specialist.

We had 5 new listings this week and 4 homes that sold. Our short sale listing in Penderbrook Square went under contract in 3 days !!

There is still alot of activity at Penderbrook. The TH are still overpriced but a few are starting to come down to market level. The new condo conversions are surprising in that they are selling for a lot more than they should, you can buy the same condo for 40k less. I dont know why anyone would want to pay more. But people are still doing it. The smaller TH are selling quickly and the Heights of Penderbrook.

We are continuing to help those whose home is below market value. They either cant afford their payments anymore, need to move, or just want to go back to renting. Contact us today to see what the best option for you is.

If you have any questions or would like to find out how much your home would sell for right now
Contact me

As of today (November 19, 2009 11 AM) there are 22 active homes in Penderbrook and 18 homes that are currently under contract and 4 homes that have sold in the last 30 days.

Here's the breakdown of all active listings in MLS:

Townhomes- 5 active

5 regular sales


Condos - 17 active

1 bedroom condos - 4

2 bedroom condos - 9

3 bedroom condos - 4

Heights at Penderbrook (Condo/Townhome) - 8 condos
Penderbrook Square (Condos)- 9 condos


NEW LISTINGS

According to MLS, there were 5 new listings this week.


UNDER CONTRACT

According to MLS, there are 14 Condos and 4 townhomes under contract.

Condos

12151 Penderview Ln #2027 - 1bd/1ba (638 DOMP)

3921 Penderview Dr #1805 - 1bd/1ba (3 DOMP)

3909 Penderview Dr #1932 - 1bd/ 1ba (9 DOMP)

3912 Penderview Dr #538 - 1bd/1ba (63 DOMP)

3903 Penderview Dr #1506 - 1bd/1ba (59 DOMP)

3904 Penderview Dr #735 - 1bd/1ba (15 DOMP)

3911 Penderview Dr #1905 - 2bd/1ba (57 DOMP)

3807 Green Ridge Ct #102 - 3bd/2ba (6 DOMP)

3904 Penderview Dr #708 -2bd/2ba (11 DOMP)

12005 Ridge Knoll Dr #2 - 2bd/2ba (6 DOMP)

12103 Green Ledge Ct #201 - 3bd/2ba (310 DOMP)

12104 Greenwood Ct #101 - 3bd/2ba (171 DOMP)

12005 Ridge Knoll Dr #12 - 2bd/3ba (4 DOMP)

3807 Green Ridge Ct #304 - 3bd/2ba (11 DOMP)


Townhomes

12138 Wedgeway Ct - 2bd/4ba (15 DOMP)

11728 Valley Ridge Cir - 4bd/4ba (40 DOMP)

3932 Valley Ridge Dr -3bd/3ba (11 DOMP)

3957 Valley Ridge Dr -3bd/3ba (73 DOMP)


I will have the final numbers for these once they close


SOLD

According to MLS, 4 homes have sold in the last 30 days .

12156 Penderview Ter #120 1bd/1ba (0 DOMP) - New Home

Asking Price -$174,900
Sales Price-$170,000
Seller Subsidy -$7,307

12101 Greenwood Ct #102 - 2bd/ 2ba (5 DOMP) - Regular Sale

Asking Price -$225,000
Sales Price -$230,000
Seller Subsidy -$8,000

3923 Green Look Ct - 3bd/3ba (153 DOMP) - Regular Sale

Asking Price -$439,250
Sales Price -$399,950
Seller Subsidy -$5,000

3914 Penderview Dr #504 - 2bd/1ba (148 DOMP) - Regular Sale

Asking Price-$239,900
Sales Price-$230,000
Seller Subsidy-0

12003# 7 Ridge Knoll Dr - 2bd / 2ba (6 DOMP) - Regular Sale

Asking Price - $249,900
Sales Price -$260,000
Seller Subsidy- $0

3940 Valley Ridge Dr - 3bd/3ba (8 DOMP) - Regular Sale

Asking Price - $380,000
Sales Price - $380,000
Seller Subsidy- $1,500

12103 Greenwood Ct #101 - 2bd/2ba (12 DOMP) - Regular Sale

Asking Price - $231,187
Sales Price -$231,187
Seller Subsidy -$0

3911 Penderview Dr #1907 - 1bd/1ba (62 DOMP) - Short Sale - Took 5 months to close

Asking Price - $130,000
Sales Price - $127,000
Seller Subsidy - $2,775

12102 Greenway Ct #202 - 2bd/2ba (0 DOMP) - Regular Sale

Asking Price - $219,000
Sales Price -$219,000
Seller Subsidy - $5,000

3900 Golf Tee Ct #201 - 3bd/2ba (9 DOMP) - Regular Sale

Asking Price -$249,500
Sales Price -$255,000
Seller Subsidy - $7,650

12009 Golf Ridge Ct #302 - 2bd/2ba (36 DOMP) - Regular Sale

Asking Price - $274,000
Sales Price -$255,000
Seller Subsidy -$9,000

3921 Penderview Dr #1806 - 1bd/1ba (286 DOMP) Short Sale - Took 286 days

Asking Price - $187,900
Sales Price - $147,500
Seller Subsidy - $4,355

3814 Inverness Rd - 3bd/4ba (24 DOMP) Regular Sale

Asking Price - $449,000
Sales Price - $434,977
Seller Subsidy -$10,000

3971 Valley Ridge Dr - 3bd/3ba (63 DOMP) Regular Sale

Asking Price - $439,900
Sales Price - $402,000
Seller Subsidy -$2,000



Click below for Penderbrook Home Sales for 2009
More Than 30 Days ago


22033

These stats are for all real estate in the 22033 zip code for the Month of August



Penderbrook Home Sales 2008 vs. 2009




Fairfax Condos Sold for 2007 vs. 2008 vs. 2009




Fairfax Townhomes Sold for 2007 vs 2008 vs 2009




EXPIRED or WITHDRAWN

There has been 1 listings that have been taken off the market in the last 30 days.


RENTALS

There is currently 4 townhomes for rent and 8 condos

5 townhomes and 3 condos have been rented out in the past month.

If you need any help finding a rental or listing your condo for rent, please contact us.

We will take care of all the work for you and do background checks on the applicants to make sure they are qualified. We also partner with a Property Management group that only charges 8%. They manage over 200 properties in the VA and MD area and are excellent. Ask us about this.


OBSERVATIONS

If you are thining about buying in the next 3 months you need to Contact us today !


Keep checking back each Thursday for more insight to what is going on at Penderbrook.







Disclaimer: Information was gathered from the MLS and is deemed reliable but not guaranteed.

Weather is one topic everyone loves to discuss. And while it's not as interesting as the weather in New England, which isn't necessarily a bad thing, one of the real selling points of the Metropolitan-D.C. area is the weather. We still have four distinct seasons, and each one is beautiful in its own right - well maybe not the dead of winter or the swamp-like conditions of August, but without the extreme heat or cold you can't appreciate the rest of the year.

Below is a graph over the average temperatures in McLean, Virginia, courtesy of www.weather.com. Precipitation is interesting as well. While we tend to go through feast or famine when it comes to rainfall, it seems to average itself out remarkably well throughout the year. Plus, big storms like hurricanes and blizzards, seem to go either East or West of us.

After a long wait the checks are beginning to roll out for military families who qualify for assistance from the Department of Defense Homeowners Assistance Program (HAP).

Three weeks after the funds were made available the surviving spouse of a Fallen Warrior received her check. Then a check went out to an Air Force Major in Colorado and since then the checks have been rolling out on a regular basis.  Each check issued means one of the thousands of military families impacted by the declining market value of their home comes one step closer to financial relief.

The expanded program has had a few holdups.  First the funds part of the American Recovery and Reinvestment Act of 2009 needed to be made available, then the program rules needed to be reviewed by the Office of the Secretary of Defense and finally Congress need to pass HR 3548 to remove the 25% tax penality that was attached to the original rules.

Fortunately for those who have waited processing seems to be moving fairly quickly.  Two of the Northern Virginia military families I am working with have received their benefits letters and we are finalizing the updates required by the HAP counselors.

For more information on the qualifications for the program you can review the eligibility requirements at the US Army Corps of Engineer website.  If you are a military family in the Northern Virginia area who qualifies for the Department of Defense Homeowners Assistance Program (HAP) then give me a call at 703-346-2213.  As an agent experienced with the HAP program guidelines and processes I can help you navigate the requirements and get your home SOLD before your next PCS move.